Bailout

bfnjz52 · **Joined:** Jan Wed 25, 2006 9:03 pm **Posts:** 2668

Bush is announcing a Chrysler & GM bailout. Is it enough? Will it work or is it just a patch on an already flat tire?

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"WASHINGTON - The federal government will provide $17.4 billion in short-term financing to the troubled U.S. automakers.

A senior administration official, speaking on condition of anonymity because of the sensitivity of the issue, said $13.4 billion in short-term financing will be drawn from the $700 billion Wall Street rescue program, with another $4 billion to be added later.

A service of YellowBrix, Inc."

RICK MILLER · **Posted:** Dec Fri 19, 2008 10:29 am

I don't think GM can be profitable until they get rid of their retireis (sp) And change the current contact to some form of matching 401k plan. Instead of the current pension plan.

Safari-wagon · **Posted:** Dec Sun 21, 2008 12:22 pm

Hey Rick, if GM dumps those retirees, the US taxpayers will get to foot that bill! (thru Medicare, US Pension Guarantee Fund, Unemployment, etc)

Here's what us in the Salary ranks have seen in the last 15 yrs:
- GM eliminated retirement health care to those hired after '93. (like me)
- GM eliminated a pension for those hired in after '99. (401K only)
- Last year, GM cut off Salary retirees BC/BS when they hit 65 yrs old & sends them to Medicare. (now taxpayers get to pay)
- GM changed the salary pension plan from a fair income to dogshit in '06.
- GM periodically cuts off any corp matching to the 401k's, based on the current profitability forecast. (it's at 0% matching right now)
- Salary employees monthly healthcare premium went up 5x for '09..
- GM MAKES every salary person BUY 5 extra vacation days now.

Now H.R. wonders why they can't attract young Engrs....

Like many other companies, there is a rumor of a 8-10% pay cut next year for Salary folks, along with a 10-15% head count reduction.

Larry

RICK MILLER · **Posted:** Dec Sun 21, 2008 2:34 pm

Larry I understand who foots the bill for the PPGC. My dad draws a retirement from there. He works in a steel mill. But GM has like 3 people not working for every one that is correct? Let me ask you. Could you support 3 households plus your own? There for if GM can't support them anymore. Who else will?
There aren't any corporations out there now that can afford to pay you for the rest of your life after you retire. That's one of the reasons they are in this mess now.
I can see most businesses going to something similar to what we at the dealership level have now.
We have a 401k. We can put whatever we want in it, the dealership matches NOTHING. plus they only contribute 4 times a year. So they get to use your money in the mean time.
My hospitalization plan costs over $550.00 a month out of pocket. And it's nothing but a major medical plan. No eye, No dental etc.
Plus you sign a paper when you start that they can terminate your emplyment at any time for any or no reason what so ever. This also applies to your earnings.
I'm truly sorry if what you were promised in the begining has been changed. But there is no way GM Chrysler or Ford can be competitive with things the way they are now.

BOY AM I GOING TO TAKE A BEATING FOR THIS ONE! :roll:

kireol · **Joined:** Jan Thu 01, 2004 6:04 am **Posts:** 2563

RICK MILLER wrote:

Larry I understand who foots the bill for the PPGC. My dad draws a retirement from there. He works in a steel mill. But GM has like 3 people not working for every one that is correct? Let me ask you. Could you support 3 households plus your own? There for if GM can't support them anymore. Who else will?
There aren't any corporations out there now that can afford to pay you for the rest of your life after you retire. That's one of the reasons they are in this mess now.
I can see most businesses going to something similar to what we at the dealership level have now.
We have a 401k. We can put whatever we want in it, the dealership matches NOTHING. plus they only contribute 4 times a year. So they get to use your money in the mean time.
My hospitalization plan costs over $550.00 a month out of pocket. And it's nothing but a major medical plan. No eye, No dental etc.
Plus you sign a paper when you start that they can terminate your emplyment at any time for any or no reason what so ever. This also applies to your earnings.
I'm truly sorry if what you were promised in the begining has been changed. But there is no way GM Chrysler or Ford can be competitive with things the way they are now.

BOY AM I GOING TO TAKE A BEATING FOR THIS ONE! :roll:

all of those old benefits came from unions fighting for us.

Now for SOME reason the general public hates unions more than the big 3.

RICK MILLER · **Posted:** Dec Sun 21, 2008 2:50 pm

I don't hate the unions. They were a great boon to people 100 years ago. And they still have a place today. BUT they got way out of hand with some of their demands. And at the time the big three had the money to accomidate them. Now they don't. The unions need to recognize this and adust their demands / contacts accordingly.

underdog · **Posted:** Dec Sun 21, 2008 6:20 pm

I wish I had half the benefits my brother gets in Lansing Assembly.

GEARJAMMER EXPRESS · **Posted:** Dec Mon 22, 2008 1:58 pm

I had better benifits than the Detroit 3 (what there called now ?) and it cost me all of 100.00 per month, but I have to agree with Rick on this one.

I'm a firm beliver that if I went to my boss (which I dont have now) and I said boss I think I should get a 10% increase and my boss said ok then I deserve that money. However, when we hear that America is all against us being the Union Worker I have to say that is NOT TRUE.

We are against the Union and what it has become, when I hear people say the Union Protects me so there fore I deserve what I get and I earned it while I will say some do earn it but lets be fair most don't earn it.

I have been unemployeed since June 6th, 2008, I lost my job, my company car of 10 years, and my medical insurance all in 1 day, I make 724.00 ever 2 weeks which I have to pay taxes on at the end of the year I have to buy medical insurance from that. I have news for everyone of the 750,000 unemployed people in the state of Michigan alone the greater majority of them were not Union employees but a supplier.

So please remember folks, fore those that think they are getting the shaft because they are now only getting 85% of their income and 100% of their medical benifits , the greater majority are only getting 20% of their income and 0.0% of their medical and still have to support our families.

WE as a nation better come together real quick and solve these problem that WE created for if we don't WE will then trully deserve what WE get then...

I'm not mad folks just hurt, just hurt that I'm being made to feel that me and my family don't deserve what I've worked for all my life because I'm not part of the UAW cause without me and my family there would never be a UAW beacuse you wouldn't have any parts to build the vehicles.

In the wods of Rodney King: Can't we ALL just get along!!

Phil
The Job Searcher

bbnova · **Posted:** Dec Mon 22, 2008 8:39 pm

Well said Phil....

BBNovaRacing.com

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